By FXEmpire.com
Analysis and Recommendations:
Crude Oil has begun to fall trading at 1.0202 and looking to drop below the 102.level before the end of today’s trading. Crude lost -1.87 in early morning trading.
Business conditions in China improve for manufacturers in April from levels seen in the previous month, although activity in the sector continues to decline, data released by HSBC show, prompting calls for Beijing to loosen its policies.
Iraq’s crude oil exports from its southern oil terminals have jumped to record rates in April and theses are expected to be sustained for the rest of the year thanks to the operation of two new floating terminals.
This week be careful of the potential for the GDP report to join this month’s list of weaker economic data with the U.S. economy forecast to grow at a slower pace from 3.0% in the fourth quarter of 2011 to 2.6% in Q1 2012. Some less optimistic forecasts anticipate an even lower reading of 2.3%, while Moody’s monthly GDP gauge points as low as 1.8%. It would not be surprising to see the pressure mounting on the U.S. dollar on signs of U.S. economic slowdown and elevated QE3 odds.
Economic Data for April 23, 2012 actual v. forecast
|
AUD |
PPI (QoQ) |
-0.3% |
0.4% |
0.3% |
|
CNY |
Chinese HSBC Manufacturing PMI |
49.10 |
48.30 |
|
|
EUR |
French Business Survey |
95 |
96 |
98 |
|
EUR |
French Manufacturing PMI |
47.3 |
47.2 |
46.7 |
|
EUR |
French Services PMI |
46.4 |
50.2 |
50.1 |
|
EUR |
German Manufacturing PMI |
46.3 |
49.0 |
48.4 |
|
EUR |
German Services PMI |
52.6 |
52.3 |
52.1 |
|
EUR |
Manufacturing PMI |
46.0 |
48.2 |
47.7 |
|
EUR |
Services PMI |
47.9 |
49.4 |
49.2 |
|
EUR |
Italian Consumer Confidence |
89.0 |
96.5 |
96.3 |
|
TWD |
Taiwanese Industrial Production (YoY) |
-3.4% |
-6.8% |
8.4% |
|
EUR |
German 12-Month Bubill Auction |
0.074% |
0.077% |
|
|
Wholesale Sales (MoM) |
1.6% |
-1.0% |
-1.1% |
|
|
EUR |
French 3-Month BTF Auction |
0.090% |
0.084% |
|
|
EUR |
French 6-Month BTF Auction |
0.121% |
0.119% |
|
|
EUR |
French 12-Month BTF Auction |
0.250% |
0.249% |
|
|
MXN |
Mexican Retail Sales (YoY) |
7.6% |
5.0% |
4.4% |
Economic Events scheduled for April 24, 2012 that affect the European and American Markets
07:00 EUR Finnish Unemployment Rate 7.40%
The unemployment rate represents the number of unemployed persons expressed as a percentage of the labor force. The unemployment rate for a particular age/sex group is the number of unemployed in that group expressed as a percentage of the labor force for that group.
10:00 EUR Industrial New Orders (MoM) -0.5% -2.3%
Industrial New Orders measures the change in the total value of new purchase orders placed with manufacturers. It is a leading indicator of production. A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
15:00 USD CB Consumer Confidence 70.3 70.8
Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.
15:00 USD New Home Sales 320K 313K
New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated
WEEKLY
- This Week in Petroleum
Release Schedule: Wednesday @ 1:00 p.m. EST (schedule) - Gasoline and Diesel Fuel Update
Release Schedule: Monday between 4:00 and 5:00 p.m. EST (schedule) - Weekly Petroleum Status Report
Release Schedule: The wpsrsummary.pdf, overview.pdf, and Tables 1-14 in CSV and XLS formats, are released to the Web site after 10:30 a.m. (Eastern Time) on Wednesday. All other PDF and HTML files are released to the Web site after 1:00 p.m. (Eastern Time) on Wednesday. Appendix D is produced during the winter heating season, which extends from October through March of each year. For some weeks which include holidays, releases are delayed by one day. (schedule)
Government Bond Auctions (this week)
Apr 24 00:30 Japan Auctions 20Y JGBs
Apr 24 08:30 Holland Eur 1.5-2.5bn Jul 2014 & Jan 2037 DSL auction
Apr 24 08:30 Spain 3 & 6M T-bill auction
Apr 24 09:10 Italy Auctions CTZ/BTPei
Apr 24 14:30 UK Details Conventional Gilt auction on May 01 & I/L auction on May 03
Apr 24 17:00 US Auctions 2Y Notes
Apr 25 09:10 Sweden Auctions T-bills
Apr 25 09:30 Germany Eur 3.0bn new Jul 2044 Bund
Apr 25 14:30 Sweden Details nominal bond auction on May 02
Apr 25 17:00 US Auctions 5Y Notes
Apr 26 00:30 Japan Auctions 2Y JGBs
Apr 26 09:10 Italy BOT auction
Apr 26 14:30 Sweden Details I/L bond auction on May 03
Apr 26 17:00 US Auctions 7Y Notes
Apr 27 09:10 Italy BTP/CCTeu auction
Click here for updated Crude Oil News.
Originally posted here
